KAYNES TECHNOLOGY IND LIMITED (KAYNES): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1Y3YAll

₹3,300 latest close · −1.0% over the last 90 sessions

₹3,300 month-end · −39.9% over 12 months

₹3,300 month-end · +33.8% over 3 years

₹3,300 month-end · +355.1% since Nov '22

52-week range ₹2995.00 to ₹6890.00 · 1-year volatility 55.5%

Was the rally earned?

1 year3 years

-40%share price, 1 yearLower P/E held it back

Earnings helped, the multiple did not.

Per-share earnings added 4 points, but investors now pay less per rupee of profit (P/E 111.9x to 64.0x), which took 44 points back.
The share count rose 4%.

Net profit growth+7 ptsNet profit rose about 9%, which lifts the price.

P/E change-44 ptsThe P/E fell from 111.9x to 64.0x, which lowers the price.

Share count change-3 ptsShare count rose 4%, which lowers the price.

+34%share price, 3 yearsLower P/E held it back

Mostly yes, with a catch.

Per-share earnings added 133 points, but investors now pay less per rupee of profit (P/E 150.7x to 64.0x), which took 99 points back.
The share count rose 16%.

Net profit growth+150 ptsNet profit rose about 265%, which lifts the price.

P/E change-99 ptsThe P/E fell from 150.7x to 64.0x, which lowers the price.

Share count change-17 ptsShare count rose 16%, which lowers the price.

What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Not shown for 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with DIXON TECHNOLOGIES INDIA

How rough has the ride been?

Maximum drawdown-60.5%not yet recovered

1-year volatility55.5%annualised

Beta vs sector index0.943-year daily, correlation 0.49

Volume spikes1last 90 sessions, 5x the 50-day median

Drawdown from peak

Largest drawdowns

-60.5% (2025-01 peak to 2026-05 low, not yet recovered)

-23.8% (2024-03 peak to 2024-05 low, recovered 2024-05)

-19.4% (2024-06 peak to 2024-06 low, recovered 2024-06)

Most recent volume spikes

2026-07-29: 6.5x the 50-day median, price +12.7% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Is it expensive against its own past and its peers?

64.0xP/E todayNear its historic low

Against its own history12th percentile

CheapestMedian 129.1xDearest

Usual range 63.3x to 173.5x since 2022-11.

Against Electronic Technology64.0x vs 55.3x

This company

64.0x

Sector median

55.3x

16% above the Electronic Technology median.

P/EP/BP/S

P/E (this company)10th to 90th percentile of its own historyIts medianElectronic Technology median

The chart loads when you open this tab.

P/B (this company)10th to 90th percentile of its own historyIts medianElectronic Technology median

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianElectronic Technology median

How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Electronic Technology is valued

Where does it rank among Electronic Technology peers?

Each cell is the company's percentile rank among its Electronic Technology peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

ROCE45thflat vs a year ago
Op. margin63rd▼ 11 pts vs a year ago
Revenue growth63rd▼ 5 pts vs a year ago
EPS growth38th▼ 27 pts vs a year ago
Debt/equity ↓60th▲ 20 pts vs a year ago
Cash cycle ↓44th▼ 19 pts vs a year ago
P/E ↓48th▲ 25 pts vs a year ago
12M momentum13th▼ 40 pts vs a year ago

Rank history

ROCE

Op. margin

Revenue growth

EPS growth

Debt/equity ↓

Cash cycle ↓

P/E ↓

12M momentum

Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26

Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Electronic Technology sector page Watch it move against Electronic Technology in the Observatory

What is the price implying?

~37%annual earnings growth implied by the priceBelow delivered growth

At normalised P/E (five-year average earnings) of 113.0x, a holder earning 12%/yr needs earnings to grow about 37.1%/yr for 10 years, then trade at 15x.

Delivered79.0%/yrEPS, last 8 fiscal years · 3-yr avg to 3-yr avg

Gap−22.9 ptsimplied minus delivered

Rank790thmost demanding of 856

Over time

Implied growth by month (solid) and delivered growth (dashed).

Change the assumptions

Exit P/E / return	11%	12%	13%
12x	38.9%	40.2%	41.4%
15x	35.8%	37.1%	38.3%
20x	32.0%	33.2%	34.4%

Drag a slider to test other assumptions

Required return 12.0% Years 10 Exit P/E 15x Implied: 37.1%/yr

“Implied growth” is what the current price would require under our stated assumptions, not what we expect. How this is calculated and the market-wide lists.

What prices imply across Electronic Technology The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹3300.00
P/E: 64.0x
ROCE: 13.0%
Market Cap: ₹22183 cr
Revenue (TTM): ₹3899 cr
P/S: 5.7x
P/B: 4.7x
ROE: 7.3%
Operating Margin: 16.0%
Debt / Equity: 0.2x
Promoter Holding: 53.5%
12M Momentum: -39.9%

52-week range

₹2995.00₹6890.00

8% of the way from its 52-week low to its high

Price risk

1Y volatility

55.5%

Beta vs sector

1-year daily

1.13

Balance sheet & cash

Interest cover

operating profit ÷ interest

4.9x

Cash from profit, 3Y

operating cash flow ÷ net profit

-0.71x

low

Share count, 1Y

+4.7%

Are profits backed by cash?

2 of 7checks within range3 beyond a threshold

Other income reliance28%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 28.4%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate22%Within range

Median quarterly effective tax rate over about 2.5 years: 21.5%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion-0.71xBeyond threshold

Operating cash flow divided by net profit over the last three fiscal years: -0.71x (cash from operations ₹-594 cr, net profit ₹840 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow0 of 5 yrsBeyond threshold

Fiscal years with positive free cash flow in the last 5: 0. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+80 daysBeyond threshold

Debtor days are above the median of the previous three fiscal years by 80 days (154 vs 74). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress32% of fixed assetsWithin range

Capital work-in-progress is 32% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+32 days / 2 yrsNear threshold

Days payable changed by +32 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

Over 3 years, promoters trimmed 10.1 pts; FIIs trimmed 4.1 pts; DIIs trimmed 3.8 pts.
The number of shareholders rose from 67,588 to 4.5 lakh (+565%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change

Promoters63.6%53.5%-10.1 pts

FIIs9.9%5.8%-4.1 pts

DIIs15.6%11.8%-3.8 pts

Public and others10.9%28.9%+18.0 pts

Number of shareholders

4.5 lakhshareholders+565% since Sep '23

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

−0.8%typical 12-month return vs the marketNot meaningfully different from the base rate

We found 50 past situations where a non-financial company looked like KAYNES TECHNOLOGY IND LIMITED today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
Over the following 12 months the middle half of them returned −29% to +44% vs the market, against −5% for all non-financial companies in the same months.
The gap against the base rate (+4.1%, 80% range −6.6% to +11.4%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 2 beyond the range shown, drawn at the edge

Similar setups' median

−0.8%

All companies' median

−4.9%

Beat the market

50% vs 45%

50 past situations · 50 companies · 31 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
ITI Electronic Technology	Apr 2021	68x	9%	+24%	−26%	−25%
MIDHANI Non-Energy Minerals	Oct 2024	80x	9%	−16%	−37%	+13%
OLECTRA Consumer Durables	Feb 2025	78x	15%	−46%	−47%	−21%
ZEEL Consumer Services	Jun 2020	30x	14%	−50%	−58%	−23%
INOXWIND Producer Manufacturing	Aug 2025	56x	12%	−37%	−45%	−53%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
JUBLINGREA Process Industries	Apr 2022	148x	8%	+23%	−38%	−15%
ORCHPHARMA Health Technology	Mar 2025	36x	9%	−26%	−61%	−36%
ASTERDM Health Services	Jul 2024	134x	4%	+11%	−34%	+85%

How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, debt/equity and P/E. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to KAYNES TECHNOLOGY IND LIMITED. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

MAN INDUSTRIES INDIAMANINDS

Producer Manufacturing

59%similar

revenuevolatility

KDDLKDDL

Consumer Durables

58%similar

ROCEoperating margin

OLECTRA GREENTECHOLECTRA

Consumer Durables

58%similar

EPS growthrevenue growth

RATEGAIN TRAVEL TECHNOLOGIESRATEGAIN

Technology Services

57%similar

EPS growthrevenue growth

TRANSFORMERS AND RECTIFIERS (ITARIL

Producer Manufacturing

56%similar

operating marginvolatility

SYRMA SGS TECHNOLOGY LIMITESYRMA

Electronic Technology

64%similar

EPS growthmarket cap

APOLLO MICRO SYSTEMSAPOLLO

Electronic Technology

63%similar

revenue growthvolatility

AVALON TECHNOLOGIESAVALON

Electronic Technology

63%similar

volatilityP/E

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

29 events since May '23

2026
OctValuationP/E fell below the 10th percentile of its own history to date (60.7x).
JulPriceVolume reached 6.5x its 50-day median on 2026-07-29; price +12.7% that day.
JunInstitutionsFII + DII holding fell 12.0 pts over 2 quarters to 22.4%.
JunPeer rankSlipped to the 3rd quartile of Electronic Technology on EPS growth (from the 2nd quartile).
MayPriceFell 60% from the Jan 2025 peak to the May 2026 low.
MayPriceVolume reached 8.7x its 50-day median on 2026-05-14; price -20.1% that day.
2025
DecValuationP/E fell below the 10th percentile of its own history to date (69.5x).
DecPriceVolume reached 38.9x its 50-day median on 2025-12-09; price +13.8% that day.

Show 21 earlier events

2025
SepPromoterPromoter holding fell 4.2 pts to 53.5% (largest drop since 2024-03).
SepInstitutionsFII + DII holding rose 5.0 pts over 1 quarter to 33.1%.
JulPriceVolume reached 12.2x its 50-day median on 2025-07-31; price +9.5% that day.
JunPeer rankSlipped to the 3rd quartile of Electronic Technology on ROCE (from the 2nd quartile).
JanPriceVolume reached 8.4x its 50-day median on 2025-01-28; price -11.5% that day.
2024
DecSharesShare count is up 10.3% over 12 months.
DecPriceVolume reached 8.5x its 50-day median on 2024-12-19; price +2.0% that day.
NovValuationP/E crossed above the 90th percentile of its own history to date (179.9x).
SepPeer rankSlipped to the 2nd quartile of Electronic Technology on operating margin (from the top quartile).
SepPriceVolume reached 18.0x its 50-day median on 2024-09-12; price +10.8% that day.
JunResultsRevenue (TTM) reached a new high of ₹1,804 cr.
MayPriceVolume reached 7.2x its 50-day median on 2024-05-17; price +20.0% that day.
MarPromoterPromoter holding fell 5.7 pts to 57.8%.
MarInstitutionsFII + DII holding rose 6.3 pts over 1 quarter to 31.8%.
MarPriceVolume reached 10.6x its 50-day median on 2024-03-15; price -2.0% that day.
2023
DecPeer rankSlipped to the 2nd quartile of Electronic Technology on ROCE (from the top quartile).
DecPriceVolume reached 6.0x its 50-day median on 2023-12-20; price -0.1% that day.
NovDebtDebt / equity halved over 12 months to 0.16x.
NovSharesShare count is up 26.1% over 12 months.
AugPriceVolume reached 6.3x its 50-day median on 2023-08-25; price +6.9% that day.
MayPriceVolume reached 18.1x its 50-day median on 2023-05-17; price +17.1% that day.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history49 months · 2022-11 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	64.0x	₹3899 cr	7.3%	13.0%	0.2x
2026-10	60.7x	₹3899 cr	7.3%	13.0%	0.2x
2026-09	67.9x	₹3899 cr	7.3%	13.0%	0.2x
2026-08	67.9x	₹3626 cr	7.7%	13.0%	0.2x
2026-07	70.1x	₹3626 cr	7.7%	13.0%	0.2x
2026-06	57.5x	₹3626 cr	7.7%	13.0%	0.2x
2026-05	53.3x	₹3367 cr	13.7%	14.0%	0.3x
2026-04	68.7x	₹3367 cr	13.7%	14.0%	0.3x
2026-03	58.3x	₹3367 cr	13.7%	14.0%	0.3x
2026-02	66.7x	₹3224 cr	13.3%	14.0%	0.3x
2026-01	60.1x	₹3224 cr	13.3%	14.0%	0.3x
2025-12	69.5x	₹3224 cr	13.3%	14.0%	0.3x
2025-11	111.9x	₹2890 cr	11.2%	14.0%	0.3x
2025-10	136.6x	₹2890 cr	11.2%	14.0%	0.3x
2025-09	143.7x	₹2890 cr	11.2%	14.0%	0.3x
2025-08	133.5x	₹2721 cr	10.3%	14.0%	0.3x
2025-07	134.5x	₹2721 cr	10.3%	14.0%	0.3x
2025-06	132.8x	₹2721 cr	10.3%	14.0%	0.3x
2025-05	147.9x	₹2374 cr	10.4%	15.0%	0.1x
2025-04	142.1x	₹2374 cr	10.4%	15.0%	0.1x
2025-03	117.4x	₹2374 cr	10.4%	15.0%	0.1x
2025-02	111.6x	₹2222 cr	9.5%	15.0%	0.1x
2025-01	129.1x	₹2222 cr	9.5%	15.0%	0.1x
2024-12	199.8x	₹2222 cr	9.5%	15.0%	0.1x
2024-11	179.9x	₹2011 cr	8.4%	15.0%	0.1x
2024-10	163.5x	₹2011 cr	8.4%	15.0%	0.1x
2024-09	163.0x	₹2011 cr	8.4%	15.0%	0.1x
2024-08	160.7x	₹1804 cr	7.4%	15.0%	0.1x
2024-07	150.2x	₹1804 cr	7.4%	15.0%	0.1x
2024-06	130.3x	₹1804 cr	7.4%	15.0%	0.1x
2024-05	207.0x	₹1126 cr	9.9%	22.0%	0.2x
2024-04	162.8x	₹1126 cr	9.9%	22.0%	0.2x
2024-03	175.4x	₹1126 cr	9.9%	22.0%	0.2x
2024-02	180.6x	₹1126 cr	9.9%	22.0%	0.2x
2024-01	173.0x	₹1126 cr	9.9%	22.0%	0.2x
2023-12	159.5x	₹1126 cr	9.9%	22.0%	0.2x
2023-11	150.7x	₹1126 cr	9.9%	22.0%	0.2x
2023-10	145.6x	₹1126 cr	9.9%	22.0%	0.2x
2023-09	140.5x	₹1126 cr	9.9%	22.0%	0.2x
2023-08	123.0x	₹1126 cr	9.9%	22.0%	0.2x
2023-07	110.8x	₹1126 cr	9.9%	22.0%	0.2x
2023-06	92.0x	₹1126 cr	9.9%	22.0%	0.2x
2023-05	158.4x	₹706 cr	20.8%	25.0%	0.9x
2023-04	109.4x	₹706 cr	20.8%	25.0%	0.9x
2023-03	106.6x	₹706 cr	20.8%	25.0%	0.9x
2023-02	96.0x	₹706 cr	20.8%	25.0%	0.9x
2023-01	85.6x	₹706 cr	20.8%	25.0%	0.9x
2022-12	83.2x	₹706 cr	20.8%	25.0%	0.9x
2022-11	80.3x	₹706 cr	20.8%	25.0%	0.9x

Methodology and data notes